FREMONT, California, May 21, 2019 /PRNewswire/ --According to a new market intelligence report by BIS Research, titled "Global Direct-to-Consumer Genetic Testing Market – Analysis and Forecast, 2019-2028", the global direct-to-consumer (DTC) genetic testing was estimated at $684.7 million in 2017, and is projected to reach $6.36 billion by 2028. The global direct-to-consumer genetic testing market is expected to grow at a CAGR of 22.84% annual growth rate between the years 2017 and 2028. This growth of the market is aided by the impressive growth in adoption of health and wellness-based genetic tests.
Owing to the increased awareness among the consumers regarding the genomic testing coupled with the increasing curiosity of consumers regarding their genomic information used to assess the genetic lineage and health-related genetic predispositions, are two factors thrusting the demand for global direct-to-consumer genetic testing, during the forecast period. The current advancement in healthcare requires safe and efficient genetic testing to provide clinically and analytically validated test results.
Besides, ancestry and health-based genetic tests, DTC companies also provide lifestyle and nutrigenomics tests which enable the consumers to make specific changes in their personalized nutrition intake. Apart from the easy access of these tests through online or over the counter (OTC) sales channels, the affordable cost of these tests also plays a major role in increasing their demand. The DTC market is still in its nascent stage, with several countries lacking an established regulatory framework.
However, in the U.S., FDA has now placed regulations for pre-market review in case of health-based genetic tests. The major proponent of DTC market is the demand for personalized medicine and consumer empowerment.
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According to Wahid Khan, a lead analyst at BIS Research,"North America is currently the leading contributor in the global direct-to-consumer genetic testing market. The market was valued at $318.85 million in 2017. Factors such as increased awareness of genetic and rare diseases, established regulatory landscape and easy access of the tests through online platform are driving the growth of the North American global direct-to-consumer genetic testing market. However, the Rest-of-the-World, and specifically Middle East and Africa, is expected to register the highest CAGR of 18.06% during the forecast period 2019-2028".
The emergence of global direct-to-consumer genetic test has enabled the increased utilization of the genetic tests for predictive testing, ancestry, and entertainment including tests for phenotypic and behavioral traits.
Currently, the health and wellness-based tests segment is acknowledged to be the major contributor to the global direct-to-consumer genetic test market and is expected to grow at a CAGR of 25.40%, during the forecast period, 2019-2028.
The global direct-to-consumer genetic test market comprises substantial investments made by several conglomerate and small-medium enterprises. More than 400 products from approximately 300 companies are available in the market.
The online sales distribution channel is expected to be a major contributor for the sales of these products and is expected to witness a robust double digit CAGR during the forecast period, 2019-2028.
Source: BIS Research Analysis
This market intelligence report provides a multidimensional view of the global direct-to-consumer genetic testing market in terms of market size and growth potential. This research report aims at highlight various aspects of the global direct-to-consumer genetic testing market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales, manufacturers and trend analysis by segment, and demand analysis by region.
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of leading companies, market participants and vendors. The report profiles 11 companies such as 23andme Inc., 24Genetics, Ancestry.com LLC, Atlas Biomed, Chengdu 23Mofang Biotechnology Co., Ltd., Dante Labs, Inc., EasyDNA, FamilyTreeDNA, Genebase Systems, Mapmygenome and MyHeritage Ltd.
Key Questions Answered
What are the major market drivers, challenges, and opportunities in the global direct-to-consumer genetic testing market?
What are the underlying structures resulting in the emerging trends within the direct-to-consumer genetic testing industry?
What was the market value of the leading segments and sub-segments of the global direct-to-consumer genetic testing market in 2017?
How is each segment of the global direct-to-consumer genetic testing market expected to grow during the forecast period and what is the expected revenue to be generated by each of the segments by the end of 2028?
What are the influencing factors that may affect the market share of the key players?
How is the industry expected to evolve during the forecast period 2018- 2028?
What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
What is the key product type in the global direct-to-consumer genetic testing market? What are the major benefits of each type?
What is the key distribution channel in the global direct-to-consumer genetic testing market? What are the major benefits of each type?
What is the market share of each of the companies in the global direct-to-consumer genetic testing market and what are their contributions?
Who are the key manufacturers in global direct-to-consumer genetic testing market, and what are their contributions?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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